LONG TERM CARE INSURANCEThe costs of long term care is significant. However, in recent years the cost of long-term care insurance has increased significantly and the benefits offered have been restricted. Those who bought long term care insurance in the past are fortunate. But even these older policies premiums increase, making my clients consider surrendering their policies.
Since, as a rule, I advise against this, some alternatives worth exploring to reduce the premium:
- Reduce the benefit period. This would significantly reduce premiums.
- Reduce the daily benefit. If there is a lower daily benefit, this would lower premiums and could provide adequate protection.
- Eliminate or reduce the inflation rider. The additional premium for the inflation rider may be more than the base premium. The policy may have been in effect long enough that freezing the benefit at the current level is sufficient.
- Ask family members for assistance with the premium. It’s the surviving family member who may benefit since the use of the policy may preserve the estate. Also, its easier to do Medicaid planning if a long-term care policy is in existence. If we transfer available resources the long-term care policy can help to defray the Medicaid look-back period.
THE WALK FOR AUTISM-VIRGINIAPlease join The Autism Society of Northern Virginia as they celebrate 10 YEARS of raising awareness and acceptance with their WALK FOR AUTTISM-VIRGINIA! In the course of the last decade, they have raised hundreds of thousands of dollars that was returned to the community in the form of scholarships and mini- grants.
Edward Zetlin Law will be exhibiting this year. The event is held at the Prince William County Fairgrounds on October 25, 2014. The address is 10624 Dumfries Road, Manassas, VA 20112.
For more information go to:www.walkforautismva.org or call 703-495-8444.
Edward Zetlin will be presenting on 10/6/2014 at a CLE Seminar entitled Social Security Bootcamp
For more information go to : www.nbi-sems.com